Breaking News Instant updates and real-time market news.

2018-11-06 14:20:05

CRC

California Resources

$28.97

-1.55 (-5.08%)

14:20

11/06/18

11/06

14:20

11/06/18

14:20

Call buyers in California Resources on continued weakness in shares

Call buyers in California Resources on continued weakness in shares. The stock down $1.65 to $28.88 and Nov 31 calls trade in small lots for $1 and $1.05. 3.4K trade and the flow is on track to open one of the largest open interest blocks in the name, next to the 3.7K open at the Jan20 60 call strike. The interest comes after a -5.1% earnings move Friday and a 42% drop since reaching 52-week highs near $50 one month ago.

Imperial Capital analyst Jason Wangler raised his price target for California Resources to $41 saying oil price strength continues to indicate higher cash flows for the company. Increased cash flows from favorable production and higher oil prices provide optionality for the company as it looks to add production and reduce debt, Wangler tells investors in a research note. He keeps an Outperform rating on the shares.

09/21/18

EVER

09/21/18INITIATIONTarget $55EVEROutperform

California Resources initiated with an Outperform at Evercore ISI

Evercore ISI analyst Stephen Rich initiated California Resources with an Outperform and $55 price target. Rich believes a combination of commodity price and continued liability management will ultimately reduce the cost of capital here and have an order of magnitude impact on value to the equity.

Jefferies analyst Randal Konik upgraded Planet Fitness (PLNT) to Buy from Hold and raised his price target for the shares to $75 from $49. The stock closed yesterday at $58.25. Planet Fitness is a platform for consumer aggregation "with tenets that resemble Amazon's successful model," Konik tells investors in a research note. Amazon.com's (AMZN) growth benefits from the shift to online consumption while Planet Fitness benefits from a growing wellness trend, contends the analyst. He calls Planet Fitness a platform, not a gym, and recommends looking at the company "through an Amazon prism." Planet Fitness' "attractive" pricing architecture, "large and growing" unit presence, advertising flywheel, expanding affinity network, and enhanced digital strategies "reduce frictional points with consumers, drive engagement, and widen the company's moat," Konik argues. He believes the company's valuation is justified with other platforms such as Amazon and Netflix (NFLX).